Gas prices set to rise again in New Jersey
Gas prices have paused their month-long decline in New Jersey, and could be set to rise again.
At $4.39 a gallon for regular, prices have dropped six cents per gallon over the last week and nearly 60-cents per gallon in a month, according to AAA.
Gas prices peaked on June 13, 2022, at $5.05 per gallon for regular.
The price of gasoline are holding steady in New Jersey after dropping 1-3 cents per gallon each day for over a month.
Demand for fuel is rising with the Summer driving season and the cost of oil is also rising again, adding to concerns prices could start rising again as we head toward the Fall.
Analyst Patrick De Haan with GasBuddy.com notes demand for gasoline reached the highest level of 2022 last week.
The high cost of fuel is one of the factors driving four-decade high inflation. The cost of transporting goods remains high, and that cost is passed to consumers.
Efforts by President Joe Biden to reduce gasoline prices have been largely ineffective.
Biden had been asking congress to suspend the 18-cent per gallon federal fuel tax, but lawmakers have yet to act.
The Biden administration also urged the nations governors to suspend their state gas taxes at least through September, but few have done so.
In New Jersey, Gov. Phil Murphy said suspending the state gas tax was not in consideration and other efforts to bring down costs for drivers have stalled in the legislature.
As prices started to fall, there seemed to be less urgency to take legislative action. If prices start rising again, it could reignite the debate over gasoline costs.